IA response to the Government's Dormant Asset Scheme
Responding to Government’s expansion of the Dormant Assets Scheme today, Industry Champion for the investment and wealth management sector, Andrew Carter, CEO Royal London Asset Management said:
“One of the core principles of the dormant assets scheme is to reunite customers with their assets. There can be many reasons why an asset holder may ‘lose touch’ with their asset, and the expanded dormant assets scheme will enable more customers to find money that is rightfully theirs, as well as preserving the right to reclaim funds once made dormant. We look forward to the expanded scheme reaching its full potential and hope the government considers channelling further dormant asset funding to support the financial inclusion agenda.”
Chris Cummings, Chief Executive of the Investment Association said:
“We welcome the expansion of the Dormant Assets Scheme which will help more people be reunited with their long-term financial accounts, and where this is not possible, see those assets unlocked for use by good causes across the UK - something our industry has long called for."
Notes to Editors:
In 2018, the Government confirmed its support for Scheme expansion and asked industry to explore how this would happen in practice. An Industry Champion was appointed by each of the four financial service sectors and these convened firms for a detailed look at how it could work. The Investment Association has worked very closely with Will Nott, and more recently Andrew Carter, in this role. The Champions liaised with DCMS/HMG via the Dormant Assets Expansion Board, now Chaired by Will Nott.
For further information, please contact:
Katie Martin, Head of Communications: [email protected]
T: +44 (0)20 7269 4655
Helen Ayres, Communications Manager: [email protected]
T: +44 (0)20 7269 4620
David Parton, Communications Executive: [email protected]
T: +44 (0)20 7269 4625
IA press office: [email protected]
T: 020 7269 4696
About the Investment Association (IA):
- The IA champions UK investment management, supporting British savers, investors and businesses. Our 250 members manage £8.5 trillion of assets and the investment management industry supports 113,000 jobs across the UK.
- Our mission is to make investment better. Better for clients, so they achieve their financial goals. Better for companies, so they get the capital they need to grow. And better for the economy, so everyone prospers.
- Our purpose is to ensure investment managers are in the best possible position to:
- Build people’s resilience to financial adversity
- Help people achieve their financial aspirations
- Enable people to maintain a decent standard of living as they grow older
- Contribute to economic growth through the efficient allocation of capital.
- The money our members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.
- The UK is the second largest investment management centre in the world, after the US and manages over a third (37%) of all assets managed in Europe.